Erste Asset Management GmbH Cuts Stake in The PNC Financial Services Group, Inc $PNC

Erste Asset Management GmbH lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 72.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,910 shares of the financial services provider’s stock after selling 20,461 shares during the quarter. Erste Asset Management GmbH’s holdings in The PNC Financial Services Group were worth $1,677,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC boosted its stake in shares of The PNC Financial Services Group by 1.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 157,941 shares of the financial services provider’s stock valued at $32,967,000 after purchasing an additional 2,277 shares during the period. Manchester Capital Management LLC lifted its position in The PNC Financial Services Group by 17.1% during the fourth quarter. Manchester Capital Management LLC now owns 4,660 shares of the financial services provider’s stock valued at $973,000 after buying an additional 681 shares during the period. Hilton Head Capital Partners LLC purchased a new position in The PNC Financial Services Group during the fourth quarter valued at $157,000. CNB Bank lifted its position in The PNC Financial Services Group by 4.9% during the fourth quarter. CNB Bank now owns 5,384 shares of the financial services provider’s stock valued at $1,124,000 after buying an additional 252 shares during the period. Finally, SouthState Bank Corp lifted its position in The PNC Financial Services Group by 15.7% during the fourth quarter. SouthState Bank Corp now owns 1,661 shares of the financial services provider’s stock valued at $347,000 after buying an additional 225 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 0.3%

Shares of NYSE:PNC opened at $232.81 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $93.49 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 0.96 and a beta of 0.92. The stock’s 50-day simple moving average is $219.76 and its two-hundred day simple moving average is $215.62. The PNC Financial Services Group, Inc has a 52-week low of $172.73 and a 52-week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.51 earnings per share. Analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is presently 39.51%.

Insider Transactions at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PNC has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective for the company. Royal Bank Of Canada reissued an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Bank of America raised their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Barclays raised their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $243.11.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.